Payday Loans in Cottage Grove, Minnesota

Things happen, and we often find ourselves in a spot where we have to pay for some surprise costs. Think about applying for a payday advance loan in Cottage Grove, MN, to see if you meet the requirements.

The application process is fast and straightforward. To be eligible, borrowers have to meet a couple of basic requirements.

What is a Payday Advance Loan? What Can It Pay For?

A cash advance loan is where the borrower will be extended a petite amount of funds on a short-term agreement. This is considered an unsecured loan because no collateral is required.

When unexpected expenses arise, for example missed rent or utility bills, car fixes, health or vet payments, and so on, individuals often rely upon payday advance loans.

Paycheck Advance Loan Criteria In Cottage Grove, MN

In Cottage Grove, Minnesota, payday loan borrowers need to meet several requirements to be eligible for a loan.

The borrower must:

• Prove that they reside in Cottage Grove, Minnesota
• Must be 18 years of age
• Have a steady income that they can provide proof of being at least $1,000 per month
• Provide current contact details including phone number and email address
• Provide their SSN

If a borrower does not satisfy the above rules, they will automatically be denied a paycheck advance loan. Make sure you have the documentation needed when applying.

Laws and Regulations Concerning Payday Advance Loans in Cottage Grove, Minnesota

The State of Minnesota has ruled payday advance lending legal. Still, they have set the following rules and regulations for the paycheck advance lending industry:

• A single lender can't offer a loan for more than $600. Borrowers are not allowed to possess more than two unpaid loans from different lenders. There is no minimum loan amount.
• There is no minimum loan term, the longest loan term length is 31 days. In Minnesota, borrowers are not allowed to rollover their loans.
• The fees and charges vary for each lender. The service fees enacted by lenders on a cash advance loan are not considered interest. The service fees apply to each $100 borrowed and can vary between 11-15%.
• An interest rate is required to be mutually decided upon. APR can be as high as 369%.

Will Paycheck Advance Lenders in Cottage Grove, MN, Run Credit Checks? What If I Have Bad/No Credit History At All?

Yes, the lenders we work with will do a credit check on you, still, even if you possess no credit or poor credit, you might still be approved for a loan provided you can prove that you are able to repay the loan. Lenders are usually unconcerned about your credit history if you offer proof of income and a strategy to repay the loan.

Lenders will perform a soft credit inquiry, which will not impact your credit score. This is simply to get a look at your credit history and basic information.

A hard credit check, alternatively, requires your explicit consent. These credit pulls are utilized for a plethora of purposes, including mortgages, credit card applications, and more.

You can still be approved for a payday advance loan with imperfect credit in Cottage Grove, MN, if you have proof of repayment.

Therefore, when you apply, albeit in person or online, make sure that you have your income information ready and any other documents verifying that you can pay back the loan. The more evidence you have, the more likely your loan request will be granted.

When Will I Get My Money in Cottage Grove, MN?

When you receive your cash really relies on your lender as some lenders offer same-day payday loans, which means you will get your payday loan on the same day you apply, as long as you're approved.

Much of the time, however, lenders will send the borrower their lump sum on the following business day. Businesses often close for holidays and weekends. So, if you submit your application on a Friday, you may not receive your loan until Monday.

If you're searching for a same-day payday advance loan in Cottage Grove, Minnesota, you will need to make sure you're applying by 10:30 am. All same-day deposits going out that day will be approved by that cut-off. However, you should request a loan earlier than that if possible, as it will boost the likelihood that you receive your money on the same day that you apply.

One additional factor that you should know is despite if the money lender approves your application and posts the funds to your bank account, sometimes the bank won't release that credit at that time. It's vital that you let your bank know that you plan to receive a payday advance loan, so they might make an exception in releasing the money earlier.

On the whole, it's best to prepare in advance to get your deposit on the next business day. That way, you're not left in the lurch if you cannot receive it on the same day.

Think About Borrowing From Us

If you possess bad credit or no credit and are wanting to secure a paycheck advance loan, think about applying with us, as you probably have a higher chance of approval.

We work with more than one hundred different lenders who provide their services online. Often you will receive your loan on the next business day so make sure that you plan accordingly.

However, you can always locate the nearest cash advance loan store to you and apply in person to strengthen the chances of getting your funds on the same day. When submitting an application in person, ensure that you have your government ID or driver's license; a passport will work as well. Occasionally, lenders may request proof of address, so take along a utility bill to the store as well.

To locate the nearest cash advance loan storefront, please use the list below and search for your city.

Payday Loan Direct Lender Companies in Cottage Grove, MN

Below you will find a list of payday loan companies offering their services in Cottage Grove, Minnesota. If you can't find a lender near your location in Cottage Grove, consider applying in a nearby city in Minnesota. Alternatively, you can apply online on our website and get a decision almost instantly.